Los Angeles Gets a New Boutique Hotel
Skift Take
The Ivory, an intimate 48-room boutique hideaway, is now open in the heart of Koreatown in Los Angeles. Plus, more hotel development news.
The DJIA fell 280 points, the Nasdaq was up 9, the S&P 500 fell 3 points, and the 10-year treasury yield was up .06 to 4.42%. Lodging stocks were lower, although PEB hit a new high on the reaction to its earnings report. HGV was down -5%.
There will be no Daily Lodging Report newsletters from May 3rd to May 7th. Regular service will resume on May 10th.
Pebblebrook Hotel Trust kicked off the Hotel REIT earnings season with a stunner, beating estimates by a wide margin. The stock had already been trending higher into expectations of a good quarter, but the magnitude of the beat, AFFO of $0.32 versus $0.22 consensus, and by more than $9 million on EBITDA, sent the stock to another new high. PEB bought back 400,000 shares in the quarter for $4.9 million, an average of $12.12 a share. The high today was $14.72.
STR CoStar reported U.S. lodging data for the week ended 4/25. U.S. hotel RevPAR jumpe
